So, how can you increase the value of your business and reap these benefits? Below is a look at top tips that can help you:

Thoughtful Entrepreneur Podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

1. Get Professional Advice from an Outsider

A consultant, a financial expert, other entrepreneurs, or other professionals can offer you sound business advice. These outsiders can identify challenges hindering the growth of your business and help you identify great opportunities and increase value.

2. Perform Regular Business Plan Reassessments

It is important to perform a business plan reassessment to see if:
• You are on track with the objectives of your business
• There are any shortcomings in the business
• There are opportunities you have not taken advantage of

3. Understand Your Passion and Focus on it

Many business owners make the mistake of thinking that running a business means doing everything. Identify the areas you are best at and passionate about. As for the other areas, you can delegate to someone else.

If You Don’t Succeed Today, Tomorrow is Another Day Full of Opportunities

It is a process to increase value and takes time. Learn from the efforts that don’t pan out and use the experience to make more insightful decisions in the future.

To read my full article on this topic, please see: Tips on How to Create More Value for Your Business Before You Sell.

Michael Roub
Inflection 360

You can listen to more on this topic on the Thoughtful Entrepreneur podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

Michael Roub

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.

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The post Tips on How to Increase Value Before You Sell Your Business appeared first on Michael Roub.

If you are a healthcare practice owner, it is important to be prepared to sell your practice to ensure you get the highest price possible. While all business owners need to take appropriate steps to sell their business, practice owners must consider additional factors. As a corporate executive focused on practice acquisitions, I have learned that will benefit any practice owner. 5 lessons that are most critical are:

1. Understand Your Payor Mix

Buyers look for opportunities and challenges. Untapped payors in your practice could represent tremendous opportunities. However, this may not be clear to a potential buyer, so it helps if you can provide this information upfront.

2. Review Your Practice Metrics

It is important to understand where volume has increased or decreased. Some providers within a practice are busier than others. These and other metrics will need to be understood by both you as the seller and any potential buyer.

3. Providers are Assets – Stay After Sale

If you currently see patients, a buyer risks losing clients after the sale. If you are willing to work out a meaningful transition plan it can result in more value to both the buyer and you as the seller.

4. Discuss Legal and Compliance Considerations

Be prepared to discuss any legal or compliance issues with a potential buyer. Having these issues under control before a sale is essential.

5. Have Credentialing Files Up to Date

A buyer will need to work with insurance payors to update contracts or obtain new ones after a sale. They will need current credentialing files for all providers.

If you want to sell your practice for more money, you should read my full blog on this topic at The 5 Most Important Lessons I Learned Acquiring Medical and Dental Practices

Michael Roub

P.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call

P.S.S. Please check out my video on YouTube to learn more on the topic. 5 Lessons from Acquiring Medical and Dental Practices

The post How Medical and Dental Practices Can Sell for More Money – 5 Lessons Learned appeared first on Michael Roub.